US Dollar Majors, Gold, Silver, Oil, Stocks, Bitcoin Technical Outlook

Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

• Technical setups we are tracking into the weekly open / March-close
• Next Weekly Strategy Webinar: Monday, April 1 at 8:30am EST
• Review the latest Weekly Strategy Webinars on my YouTube playlist.

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), US Treasury Yields, Swiss Franc (USD/CHF), Gold (XAU/USD), Silver (XAG/USD), Crude Oil (WTI), S&P 500 (SPX500), Nasdaq (NDX), Dow Jones (DJI) and Bitcoin (BTC/USD). These are the levels that matter on the technical charts heading into the weekly open / close of March.  

US Dollar Price Chart – USD Weekly (DXY)

Chart Prepared by Michael Boutros, Sr. Technical Strategist; DXY on TradingView

The US Dollar is back within striking distance of key resistance post-FOMC at 104.63/77-  a region define by the 2023 March high-week close (HWC) and the 61.8% Fibonacci retracement of the October decline. We’re looking for possible exhaustion / price inflection into this zone.

Initial support eyed with the 52-week moving average (currently ~102.47) backed by key support / bullish invalidation at 102.75/91. A topside breach / close above this key pivot zone is needed to mark a breakout of the yearly opening-range / resumption of the broader uptrend towards the 2023 HWC at 106.10. Stay nimble into the close of the month / quarter with key US inflation data on Friday likely to fuel some volatility ahead of the holiday weekend.

Oil Price Chart – WTI Weekly

Chart Prepared by Michael Boutros, Technical Strategist; 

In last week’s webinar, we highlighted a major resistance zone in WTI at a key technical confluence with our bottom line noting the, “Risk for some topside exhaustion into this pivot zone.” The initial zone in focus is eyed at the 100% extension of the December advance / 2021 high-week close (HWC) at 82.95-83.28 and is backed closely by the 61.8% Fibonacci retracement of the September decline at 84.57.

Price registered an intraday high at 83.85 last week with WTI unable to mark a daily close above initial resistance. The outlook remains unchanged into the close of the month and while the broader outlook remains constructive, the immediate advance may be vulnerable while below the upper parallel. Initial support 79.75-80.31 backed by the 38.2% retracement / March open at 77.68-78.27. Broader bullish invalidation now raised to the December trendline / 50% retracement near 75.77. Ultimately, a topside breach /close above 84.57 is needed to mark uptrend resumption towards 88.56 and beyond.

Economic Calendar – Key USD Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist with FOREX.com

Follow Michael on X @MBForex